If you purchased a pre-construction home and owners title insurance is the title insurance refundable?

Title insurance is non-refundable as long as a Policy is issued. If a Policy was paid for and never issued you may elect to:

1. Ask for the final Policy to be issued

2. Ask for a refund and forgo the insurance coverage.

Let me clarify the difference between Construction Title Policy and Owner's Title Policy.

The Construction Rate is issued typically to the BUILDER during the construction period until the structure is completed and closed with the end buyer (you).

At the time of the purchase closing from the builder to you, the Construction Rate is calculated as a "pre-paid" against the final Owner's Policy fees, offsetting and typically lowering the amount you pay for the Owner's Policy.

This is the typical rate structure in MOST states.

Check with the issuing Agency to see if you received credit at time of closing. If it is allowed or standard proceedure in your state and you did NOT receive it, then you can ask for the difference to be paid directly to you. You can ask for a copy of the title invoice and go over it line by line with the Title Agency.

NOTE: In some states, the construction rate is not credited against the final Owner Policy rate and is considered a completely separate fee.

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